Recent calls for change in teacher preparation programs stress the importance of field experience and the need for preservice teachers to have ample opportunities for peer collaboration and feedback. The paired placement model, with two preservice teachers working with one cooperating teacher, has shown to provide many benefits. However, the strategies for developing successful partnerships in the context of a required course are not fully understood. This article presents a study of early childhood and elementary preservice teachers' perspectives on the peer and faculty related factors that contribute to the success (and lack of success) of their partnerships. The article concludes with effective strategies for teacher educators to consider in creating and supporting field-based peer partnerships.